4 days ago
Aldar Launches Dhs40bn Coastal Development on Fahid Island
Arabian Post Staff -Dubai
Aldar Properties has unveiled a Dhs40 billion mixed-use development on Fahid Island, a 3.4 million square metre natural island situated between Yas and Saadiyat Islands in Abu Dhabi. The project aims to transform the island into a premier coastal wellness destination, featuring over 4,000 residential units, retail outlets, hospitality venues, and community facilities.
The first phase, Fahid Beach Residences, will comprise seven beachfront buildings, each housing 65 residences, offering a blend of apartments, townhouses, and ultra-luxury beach and mangrove villas. The development capitalises on the island's 11 km of waterfront, including 4.6 km of pristine beaches and iconic mangroves, providing residents with prime sea views and direct beach access.
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Aldar acquired the island for AED 2.5 billion, with the acquisition consideration to be paid over five years. The gross development value of the project stands at AED 26 billion. The development will include a school, retail and hospitality offerings, and a wide array of community facilities, aiming to create a vibrant and integrated community.
The project emphasises sustainability, with eco-friendly construction practices and measures to protect local wildlife and preserve natural resources. The lush mangroves surrounding the island are to be preserved, enhancing the area's natural ecosystem.
Aldar's CEO, Talal Al Dhiyebi, stated that the acquisition solidifies the company's presence on the Yas-Saadiyat corridor and strengthens its ability to deliver sustainable value to Abu Dhabi and its communities. Jonathan Emery, CEO at Aldar Development, noted that Al Fahid Island presents a robust pipeline of development activity, catering to the strong appetite for ultra-luxury products in Abu Dhabi's premier locations.
